Bitget Director Gracy Chen On The Function Of Girls In The Continually Evolving World Of Crypto

Within the dynamic and ever-changing crypto area, girls have regularly made their mark, difficult gender norms and contributing considerably to the expansion and development of the crypto sector. One of many main girls within the crypto area in the present day is Gracy Chen, the Managing Director of Bitget, a distinguished crypto trade and Web3 firm. 

Gracy Chen is acknowledged as an advocate for girls within the crypto world, encouraging their progress and participation within the {industry} by growing alternatives for females in Bitget’s workforce. She additionally empowers girls and women in STEM (Science, expertise, engineering, and math) schooling by Bitget’s non-profit group, DIY Ladies.

In a dialog with Bitcoinist, Gracy Chen shared priceless insights on her experiences as a lady within the crypto area and supplied steerage for girls venturing into the {industry}. 

Bitcoinist: What made you resolve to pursue a profession in cryptocurrency, particularly when the {industry} is noticeably dominated by males?

Gracy Chen: Truthfully, I didn’t take into consideration gender inequality and the shortage of illustration of girls in crypto once I joined the {industry}. On the time, I used to be working as a TV host interviewing celebrities like Tom Hiddleston and Michelle Yeoh and enterprise leaders reminiscent of Tim Draper. 

One time in 2014, when Bitcoin was buying and selling at roughly $300, my TV mates launched me to crypto, and it was love at first sight. I used to be fascinated by the expertise and the thought of monetary inclusion, so I began investing in main cash like BTC, ETH, and XRP. 

After dipping my toes into the fascinating (and generally loopy) world of digital belongings, it didn’t take lengthy till I turned an early investor in BitKeep, now generally known as Bitget Wallet.

Bitcoinist: How would you describe your expertise as a lady within the crypto {industry}? What are among the largest challenges you confronted in your journey to grow to be a distinguished feminine determine within the crypto {industry}?

Gracy Chen: Once I ventured into the crypto world, the scenario was a lot worse than at present. Most of the time, I used to be the one lady on panel discussions throughout the Web3 and fintech occasions I attended with my workforce. 

In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and generally even pissed off. These detrimental ideas have been with me throughout conferences and in addition once I served because the CMO at a fintech firm in my earlier job, the place I used to be the one member of the administration workforce who wasn’t male.

As a lady, it’s not sufficient to imagine in your individual management abilities. With the shortage of range in crypto, you might be greater than prone to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout day-after-day. That is most likely the explanation why girls solely managed to raise 2% of the dollars invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the complete quantity raised.

I might hear, ‘We’re keen on you and your mission, however we don’t plan to put money into feminine entrepreneurs, particularly those that are married however with no youngsters but.’ This was a enterprise investor’s precise argument towards funding my startup in 2017. It was a harsh interval during which I used to be always going through gender-based bias whereas struggling to boost capital for my mission.

As time handed and crypto adoption took off, the scenario has considerably improved. However it’s nonetheless removed from ultimate, although. With girls accounting for only 4.13% of crypto founders and 10% of digital asset fund companions, it’s protected to say that there’s important room for enchancment on this subject. 

I haven’t even talked about the outcomes of a latest report, which revealed that 74% of current cryptocurrency holders in the US are men. However because of initiatives like DIY Ladies — a charity mission initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling women’ curiosity in STEM schooling — the long run is trying brighter.

Bitcoinist: What would you say are the most typical threats and challenges to girls coming into investing, and the crypto {industry} specifically?

Gracy Chen: Regardless of demonstrated effectivity on this subject, only 33% of women feel confident in their ability to make investment decisions. By way of crypto, I imagine this might spotlight the truth that cryptocurrencies are riskier belongings as a result of their elevated volatility, and female investors, who’re extra risk-averse and sober than their male counterparts, are much less prone to put money into them. 

Dependable consumer schooling is important to beat this problem so extra girls will really feel assured to enter the area and put money into digital belongings.

Complete market cap sitting at $1.352 trillion | Supply: Crypto Total Market Cap on Tradingview.com

Bitcoinist: What different monetary objectives do girls pursue by investing to showcase their dedication and care, past enhancing their household’s monetary scenario or funding their youngsters’s schooling?

Gracy Chen: We’ve recently published a study revealing that feminine traders in most markets show a higher willingness to enhance their household’s monetary conditions and fund their youngsters’s schooling bills or tuition charges by crypto investments. These outcomes point out that ladies carry out higher in some areas than males.

As I see it, the correct illustration of females inside an organization and its management can supply essential advantages for the entire group, reminiscent of improved product enhancement and a extra constructive work atmosphere. 

For example, girls are extra empathetic basically than males, which is useful for managers who should care for his or her groups. A extra numerous and inclusive office with extra involvement from girls may create a extra open working ambiance the place workers are extra keen to precise their opinions. This can be a important profit for feminine employees, whose sincere and useful recommendation can considerably enhance firm tradition.

Girls additionally are usually much less over-confident than males. From a monetary perspective, their more risk-aversive and disciplined nature makes them more practical in investment-related threat administration. Most likely, this is without doubt one of the many the reason why feminine traders managed to outshine their male counterparts on this subject by earning 10% more annual returns between 2017 and 2020.

Regardless of the shortage of illustration of girls within the management of crypto corporations, a research revealed that businesses with five or more female executives had the highest success rates (61%). 

Curiously, the bottom success charges have been measured among the many corporations the place solely a single lady was current on the board (49.32%). Nonetheless, these figures are nonetheless higher than within the case of startups with no women within the management, as one other report’s outcomes show a 63% better performance for companies with a minimum of one feminine founder than these with an all-male founding workforce.

Bitcoinist: What’s one piece of recommendation you’ll give to girls who’re working in direction of changing into leaders within the crypto {industry}?

Gracy Chen: My recommendation for feminine entrepreneurs in crypto is to recollect that you’re not the ‘elephant within the room’ – gender inequality is. It’s an {industry} that seeks to create a extra inclusive and democratic monetary system. 

I imagine this unique ethos also needs to apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to folks regardless of their gender, race, or faith.

Whereas crypto is a male-dominated market, girls shouldn’t be afraid to enter. Quite the opposite, it ought to function an incentive so we might be higher represented throughout the {industry}, offering great advantages to the area basically. 

Be ready for stereotypical habits, however don’t let it decrease your confidence or discourage you from changing into a pacesetter or reaching different vital objectives as a lady.

Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you suppose extra must be finished for girls within the {industry}?

Gracy Chen: There are positively sufficient management alternatives for girls in crypto. Nonetheless, as males dominate the area, girls should work arduous and discover ways to shield themselves towards gender-based bias to benefit from these potentialities. 

This is the reason I imagine market gamers ought to be part of forces and launch initiatives like DIY Ladies so we are able to improve feminine illustration and at last deal with the problem of gender inequality.

Bitcoinist: The place do you see participation from girls within the crypto {industry} in 5-10 years? Do you suppose there will probably be roughly curiosity?

Gracy Chen: Based mostly on the findings of the identical research that exposed that almost all present US crypto holders are males, women account for 53% of the “crypto curious,” a bunch that has reported curiosity in digital asset investments. 

Mixed with the rising variety of initiatives focusing on women, I imagine feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which can finally end in a extra equal area for everybody.

Bitcoinist: Should you had the prospect to unravel one downside within the crypto {industry}, what would you remedy, and the way would you remedy it?

Gracy Chen: Along with my workforce at Bitget, we’re devoted to tackling the problem of gender inequality throughout the {industry}. Whereas market gamers have made important progress on this subject, the issue continues to be there, ready to be solved. 

Being acknowledged as a International Shaper by the World Financial Discussion board in 2015, I’ve a mission to extend feminine illustration and contribute to creating equal alternatives for everybody available on the market.

Moreover launching and elevating funds for DIY Ladies, I’ve created an inclusive and numerous office at Bitget, the place girls characterize 40% of the workforce. This doubles down on our firm’s place as an industry-leading equal-opportunity employer that’s dedicated to creating a constructive impression on society.

In the end, I need to change the best way women and girls understand careers in crypto. To realize this purpose, we have to analysis their preferences, calls for, and the challenges which are at present stopping them from becoming a member of the market. 

On the similar time, crypto corporations ought to launch initiatives focusing on girls, which may end in extra internship and employment alternatives for women, in addition to assist create extra female-friendly work environments.

Bitcoinist: Final however not least, what’s your favourite cryptocurrency, and the place do you see its value within the subsequent few years?

Gracy Chen: After all, my favourite cryptocurrency is BGB! It stays the best-performing trade token in 2023. In line with information from a TokenInsight Report, BGB led all trade tokens in Q2 and Q1. Aside from LEO, MX, and OKB, all different CEX platform tokens had a detrimental return. Apart from BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.

Basically, I imagine the bear market is lastly coming to an finish. Contemplating that BTC recently has broken out of the $35,000 level amid BlackRock’s imminent spot ETF approval, the charts appear to point out that Bulls at the moment are in control of the digital asset {industry}. 

Furthermore, the subsequent Bitcoin halving is simply six months away, which is anticipated to kickstart a significant bull run based mostly on historic value tendencies. Within the meantime, I anticipate crypto adoption to extend steadily as extra women and men are getting acquainted with cryptocurrencies and their underlying expertise.

Featured picture from Bitget, chart from Tradingview.com